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IoT stands for Internet of Things.
It is a widespread and a trending concept wherein devices are connected and integrated in such a way that it offers automation and ease of performing any activity. These devices are built with sensors that are connected to a platform which joins data from different devices and applies algorithm to generate a desired output or a function.

A simple example can be found in the refrigerators of houses in future. This refrigerator has the ability to alert the user when certain food items (milk, butter, vegetables, etc) are about to finish and it re-orders them without the user having to travel to the supermarket to stock it in his fridge.

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Internet OF things is basically all "smart devices "which are interconnected basically to a network which makes life easy

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Devices with sensors
such as fitbit, smart running shoe

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IOT- tool that improves new business process
the outcomes provides good enterprise to business process

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IoT: Collection of sensors, processes and providing data at the edge to give results on any platform i.e. Cloud base application, cloud base storage, internal server.
As in 2020 IoT devices will reach upto 50.1 billion. Data processing will become a challenge.
So Internal Processing (Edge capability) must be taken as a key factor.

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Sukhjeet                                     IoT is a network of smart sensors and smart devices which interact with each other to form a functioning system. These devices are generally connected to cloud to store information collected.

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Sukhjeet                                     IoT is a network of smart sensors and smart devices which interact with each other to form a functioning system. These devices are generally connected to cloud to store information collected.

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enabling devices to communicate and store data on a common platform, process the data and improve usage in real life

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IOT are devices (vehicles, electronics, sensors..) connected to the Internet to exchange data.

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Interconnected devices that can communicate with each other to perform defined functions, commonly referred as 'smart devices' connecting via RFID, NFC etc. IoT is a very broad term and there is no specific definition for this.